Molybdenum

Seabridge Gold has signed a definitive agreement to acquire 100% of shares from SnipGold Corp (formerly Skyline Gold Corporation) through a plan of arrangement under the Business Corporations Act (British Columbia, BC).

The transaction will primarily influence the development of SnipGold’s Iskut property and Seabridge’s world-class KSM copper-gold project. The two neighbouring properties are based in the Golden Triangle area of BC, Canada.

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As per the transaction, SnipGold shareholders will receive 1/63rd of a common share of Seabridge in return for each share it held in SnipGold, representing an offer price of C$0.29 ($0.22) per SnipGold share, for a total consideration of approximately C$9.9m ($7.67m).

Seabridge is expected to issue approximately 600,000 shares to SnipGold’s existing shareholders, representing a 1.14% share in the combined company. If a termination of the transaction occurs, Seabridge would offer SnipGold interim debt financing of up to C$400,000 ($300,000), which could be repaid within 90 days.

Pan American Silver and MacMillan Minerals have announced an agreement with Maverix Metals, with MacMillan acquiring all of the issued and outstanding securities of Maverix, and 13 royalties and precious metal streams from Pan American.

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On completion of the deal, MacMillan Minerals will be renamed Maverix Metals, which will continue to trade as MMX on the TSX Venture Exchange, Canada.

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Under the deal agreement, approximately 33.1 million of MacMillan’s post-consolidation common shares will be issued to Maverix Metals, whereas approximately 43 million post-consolidation common shares of MacMillan and 20 million post-consolidation common share purchase warrants to acquire common shares of MacMillan will be issued to Pan American.

Image: Seabridge’s KSM mine is estimated to hold 213 million pounds of molybdenum. Photo: courtesy of Alchemist-hp.